Retrieval of Black Money stashed in Foreign Countries

News and Press Release - Dated:- 22-11-2016 - The Government has taken several measures to effectively tackle the issue of black money, particularly black money stashed away abroad. Such measures, which are an ongoing process, include putting in place robust legislative and administrative frameworks, systems and processes with focus on capacity building and integration of information and its mining through increasing use of information technology. Recent major initiatives in this regard include .....

ic Exchange of Information (AEOI) and having information sharing arrangement with USA under its Foreign Account Tax Compliance Act (FATCA), (viii) Renegotiation of DTAAs with other countries to bring the Article on Exchange of Information to International Standards and expanding India s treaty network by signing new DTAAs and TIEAs with many jurisdictions to facilitate the exchange of information and to bring transparency, (ix) Enabling attachment and confiscation of property equivalent in value .....

Department for strengthening the non-intrusive information driven approach for improving tax compliance and effective utilization of available information. Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to specifically and effectively tackle the issue of black money stashed away abroad. This has, inter alia, provided for more stringent prov .....

and assets/black money stashed away abroad. The new law came into force w.e.f. 01.07.2015. However, before the cases involving black money stashed away abroad were subjected to more stringent provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a one-time three months compliance window closing on 30th September 2015 was provided under the new law wherein 648 declarations involving undisclosed foreign assets worth ₹ 4164 crore were made. Th .....